Introduction
Following our previous discussions and the development phase outlined in the “Proposal to Develop Indigo Protocol V2,” the Indigo Labs team is excited to propose the deployment of Indigo Protocol Version 2 (V2) to the Mainnet. This step represents a significant milestone in our journey, introducing a suite of enhanced features and optimizations designed to improve the protocol’s efficiency, security, and user experience.
Updated Indigo Paper and New Features
The Indigo Protocol V2 brings forth an updated Indigo Paper, detailing the strategic features introduced in this version alongside adjustments from V1. This document serves as an essential resource for understanding the advancements in V2, including but not limited to:
- Enhanced Security Measures: Introduction of new security protocols to safeguard transactions and user data.
- Optimized Performance: Improvements in transaction processing speed and protocol efficiency.
- Peg Enhancement Features: Updates aimed at closing the gap of price disparity between Indigo iAsset pegs and DEX trading price. Learn more here: Indigo Protocol V2: Dual Peg Mechanisms
- Treasury Unlock: The unlocking of the Indigo DAO Treasury.
The attached paper is a near-complete draft, pending the results of the Indigo Protocol V2 audit.
Indigo Paper v2 - draft.pdf (7.8 MB)
Process of Deployment
The deployment of Indigo Protocol V2 will commence with the creation of an on-chain deployment proposal. Following the successful conclusion of this proposal, at the direction of the Indigo DAO, the Indigo Labs team will execute the deployment. This will necessitate a planned downtime of several hours. During this period, access to CDPs, Stability Pool accounts, and Staking Positions via the web app will be temporarily unavailable. Communication regarding this downtime will be issued well in advance, ensuring users are adequately informed and prepared.
Initial Feature Activation
Upon deployment, the following features will be immediately activated:
- Liquidity State Transitions (LST): Enhancing the throughput of Stability Pool transactions.
- Exponential Proposal Deposits: Implemented to encourage meaningful and considerate proposal submissions.
- Protocol Parameters Adjustments:
- Minimum quorum will be set to 5% of Circulating Supply
- 450k INDY maximum treasury spend limit per proposal
- 100k ADA maximum treasury spend limit per proposal
- No spend limit on other treasury assets
Post-Deployment Feature Introduction
Certain features, such as iAsset parameters (interest rates, maintenance and liquidation ratios, and redemption processes), will be introduced following the successful deployment of V2. This phased approach allows for thorough testing and adjustments, ensuring a smooth transition and optimal performance of the protocol.To learn more abo ut this plan, you can follow our article “Introduction to the Indigo Protocol V2 Transition”
Audit Report, Minting Policies & V2 Contracts
The executive summary of the audit report can be downloaded using this link:
Audit Executive Summary.pdf (51.1 KB)
In the spirit of transparency as well as providing technical users the ability to confirm the validity of the V2 smart contracts and upgrades Indigo Labs has open sourced the Indigo Protocol Test Suite. This test suite has over 900 tests covering V1, V2, and the upgrades. In addition, attached is a script that generates the Mainnet V2 validator hashes as well as upgrade minting policies. You can find the test suite repository here: Indigo Upgrade Details GitHub Repo
V2 Validator Hashes
| Script Name | V2 Validator Hash |
|---|---|
| CDP Creator | 9a5c575d3bf99604bcb691d5f000b4b41866edb893b35a718be5dd01 |
| CDP | 0d8aee2011f769502cdc07273f7e118722ebf9c585f3fee061986b7b |
| Collector | 0752abd65a0c983bfb1c9c3880cc632c099ba3adb2fe307afb4bbd9c |
| Execute | ac64deeeab59a038158d4b2e22801253e7a9a87a313479acb7ac46ed |
| Governance | 131f26cd99012663aa063d0ef86dc0ac039d1797d5e062768fb12e74 |
| Poll Manager | 31aaab10e57345a2ed5c37ca32c57b2d9dc6219d23b51c85919febe2 |
| Poll Shard | 8110c6ae9c92962f01ce98611656c05ea69aa5a709f4ea89c588bbdb |
| Stability Pool | 918765cae1147f5f2d914d45059f8b6497caa149ea94dd8da1f683ce |
| Staking | a23793f529179e09cefb3c37fc6ae081e0e99e99be5cdb55a00941a5 |
| Treasury | 16c0a490c721920096645c5594499b2cb1d4067566a9e85855b9326c |
| Version Record (Currency Symbol) | d626ddf398b0bca6e112cf0b78c8124b989a6ca4e7c0dfe8c18c7c2e |
| Version Registry | ea84d625650d066e1645e3e81d9c70a73f9ed837bd96dc49850ae744 |
V2 Upgrade Minting Policies
| Script to Upgrade | Minting Policy Hash |
|---|---|
| CDP Creator | b86c0e83626a78641fe7ad42fae043c313705b7c73baae8636db3bb6 |
| CDP | d8fba96a5ebeeaee104a5b6c9e9265fff0ad7af8c64698c7364157f0 |
| Collector | cbbcd20208527d282f2fb288af0b2ba0a57bdbc96210ab6131ed62e9 |
| Governance | 33610fe269ec5c17678eac58f9170407e45a9f4e9c84573f7c795083 |
| Stability Pool | 680acc934724a0be8782c37252068146e8bfb73b70b187866bf18d43 |
| Staking | 4194eea66ef1922cac1bc6463580588e74f86f7588adfcae6f63d306 |
| Treasury | 0c49db0bd96d1c1176dc05bf7b4ced8204365a1fa8a042d5a6de1d54 |
This temp check is designed to provide a clear overview of the Indigo Protocol V2 deployment. We invite all stakeholders to review the details and contribute their feedback and suggestions. The Indigo Labs team remains committed to transparency, innovation, and the continuous improvement of the Indigo Protocol, and we look forward to your support in this significant step forward.
Update April 4th, 2024
The proposal has been updated to include the following:
- A copy of the audit remediation report from the MLabs Audit team.
- A repository with the V1, V2, and upgrade upgrade details and UPLC of smart contracts.
- The V2 smart contract validator hashes as well as the upgrade minting policies.
